Cohousing-L Mailing List: Re: capital gains tax experience

[PattyMara (PattyMara]

In a message dated 98-07-21 00:25:44 EDT,Sharon Villines writs:

<< Can't they buy before the move-in? >>

Cap gains tax law requires the purchase of a full time replacement home.  That
means closing escrow, which means a certificate of occupancy has to be issued,
which means (in California at least) final inspection, AND completion of the
common properties (common house, parking lots, pathways, landscaping etc) OR a
bond for completion on all of the above (we're looking into this).
Patty